Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 5.15 Billion | USD 7.33 Billion | 4% | 2023 |
According to Zion Market Research, the global Shortenings Market was worth USD 5.15 Billion in 2023. The market is forecast to reach USD 7.33 Billion by 2032, growing at a compound annual growth rate (CAGR) of 4% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Shortenings industry over the next decade.
Shortenings can be considered an important ingredient of baking. Owing to this importance the shortenings market is flourishing in the global market due to the fact that the food and beverages industry is developing. The increasing popularity of baking products in the global market and the easy availability of the shortenings influence the growth of the market in the coming years.
The study provides a decisive view of the shortenings market by segmenting the market is globally segmented into key ingredients, sources, variants, applications and by region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.
Based on the key ingredient, the global market is segregated into butter, lard, oil, tallow, and others.
On the basis of source, the market is categorized into animal and vegetable.
Depending on the variant, the market is fragmented into liquid, all-purpose, solid, cake/icing, and others.
On the basis of application, the shortenings market is divided into snacks & savory products, bakery products, confectionery products, and others.
The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The increasing demand for products that are low in calorie content worldwide offers new promising opportunities for the shortenings market players in the next few years. The increasing application base of baking ingredients triggers the global shortenings market. In recent years, there has been a rise in the demand for bakery products owing to their increasing popularity thus boosting the market growth globally. The other factors that are contributing to the market growth are increasing disposable income and the changing lifestyle of the people. There are certain factors that hamper the market in a negative way which include the increasing awareness about health regarding the over-consumption of fats and oils anticipates restricting the market growth. The growing population that is health-conscious hampers the market. The market players involved in the shortenings market are expected to face several challenges in the coming years owing to the development of substitutes.
Report Attributes | Report Details |
---|---|
Report Name | Shortenings Market |
Market Size in 2023 | USD 5.15 Billion |
Market Forecast in 2032 | USD 7.33 Billion |
Growth Rate | CAGR of 4% |
Number of Pages | 110 |
Key Companies Covered | Archer Daniels Midland Company, AAK AB, Bunge Limited, Manildra Group, Ventura Foods, LLC, International Foodstuff Company Holdings Limited, Cargill, Wilmar International Limited, Associated British Foods, and ConAgra Brands |
Segments Covered | By Key Ingredients, By Sources, By Variants, By Applications And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Asia Pacific region is the one that is dominating the shortenings market owing to its key market share in terms of both value and volume. The major contribution from the countries such as Indonesia, Malaysia, China, and India estimates to augment the market growth in the coming years. The increasing purchasing power of consumers and the increasing population are the other factors that are contributing to the market growth in the Asia-Pacific region. The shortenings market in the Asia-Pacific region is expected to bloom in the coming years. In the European and the North American region the market growth is moderate. The factors that affect the market growth in a positive way are the improved lifestyle of the consumers and the increasing demand for bakery products in the developing regions.
Some of the key market players that are involved in the shortenings market are-
Global Shortenings Market: Key ingredients Segment Analysis
FrequentlyAsked Questions
The Shortenings Market was valued at USD 5.15 Billion in 2023.
The Shortenings Market is expected to reach USD 7.33 Billion by 2032, growing at a CAGR of of 4% between 2024 to 2032.
Global Shortenings Market players such as Archer Daniels Midland Company, AAK AB, Bunge Limited, Manildra Group, Ventura Foods, LLC, International Foodstuff Company Holdings Limited, Cargill, Wilmar International Limited, Associated British Foods, and ConAgra Brands.
The increasing demand for products that are low in calorie content worldwide offers new promising opportunities for the shortenings market players in the next few years. The increasing application base of baking ingredients triggers the global shortenings market. In recent years, there has been a rise in the demand for bakery products owing to their increasing popularity thus boosting the market growth globally. The other factors that are contributing to the market growth are increasing disposable income and the changing lifestyle of the people.
The Regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
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